Question Tag: elasticity of supply

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EIB – OCT 2022 – L1 – Q3 – Price Mechanism, Elasticity, and Costs

Advantages of price mechanism, supply elasticity factors, costs, and profit computation.

Question

(a) Mention two advantages of price mechanism. (4 marks

(b) Mention two factors that determine price elasticity of supply. (4 marks

(c) What are the firm’s explicit costs? (4 marks

(d) The fixed cost and the variable cost of production are collectively termed what? (4 marks

(e) A competitive firm’s price is GHC10, ATC is GHC 5, quantity supplied is 20, calculate its profit level. (4 marks

(Total marks:20)

Answer

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Find Related Questions by Tags, levels, etc.

Tags: elasticity of supply, explicit costs, Fixed and Variable Costs, price mechanism, Profit Calculation
Level: Level 1

Topic: Product and Output – The Firm
Series: OCT 2022

EIB – OCT 2022 – L1 – Q3 – Price Mechanism, Elasticity, and Costs

Advantages of price mechanism, supply elasticity factors, costs, and profit computation.

Question

(a) Mention two advantages of price mechanism. (4 marks

(b) Mention two factors that determine price elasticity of supply. (4 marks

(c) What are the firm’s explicit costs? (4 marks

(d) The fixed cost and the variable cost of production are collectively termed what? (4 marks

(e) A competitive firm’s price is GHC10, ATC is GHC 5, quantity supplied is 20, calculate its profit level. (4 marks

(Total marks:20)

Answer

Login or create a free account to see answers

Find Related Questions by Tags, levels, etc.

Tags: elasticity of supply, explicit costs, Fixed and Variable Costs, price mechanism, Profit Calculation
Level: Level 1

Topic: Product and Output – The Firm
Series: OCT 2022

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EIB – OCT 2022 – L1 – Q3 – Price Mechanism, Elasticity, and Costs

Advantages of price mechanism, supply elasticity factors, costs, and profit computation.

EIB – OCT 2022 – L1 – Q3 – Price Mechanism, Elasticity, and Costs

Advantages of price mechanism, supply elasticity factors, costs, and profit computation.

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EIB – OCT 2022 – L1 – Q3 – Price Mechanism, Elasticity, and Costs

Advantages of price mechanism, supply elasticity factors, costs, and profit computation.

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Advantages of price mechanism, supply elasticity factors, costs, and profit computation.

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